Explain the continuous disclosure obligations of listed companies and the consequences of non-compliance.

The disclosure doctrine — securities law's founding philosophy: the regulator does not judge merit (no "good investment" certificates — the merit-vs-disclosure regulatory contrast, the exam's classic pair); it forces the truth's production so the investor can judge. Why disclosure (thefourfold case): (1) the information asymmetry's cure (U1.3); (2) the price's honesty (the informed market's discovery — the disclosure as the price's raw material); (3) the accountability's infrastructure (the disclosed company is the governable company — Unit 7's link); (4) the fraud's pre-emption (the lie's structure destroyed before the sale).